BEWARE - ATO NEW DATA MATCHING ON MOTOR VEHICLE SALES/PURCHASES

/
1.jpg

The ATO have advised that they will acquire information from State & Territory motor vehicle registry authorities (e.g. Vic Roads) for the 2016-17, 2017-18 and 2018-19 financial years on vehicles that have been transferred or newly registered where the purchase price or market value is equal to or greater than $10,000.

The purpose for doing so includes the following:

  • to identify and address non-compliance with taxation obligations.
  • Obtain intelligence about taxpayers that buy and sell motor vehicles to identify risks of non-compliance with taxation and superannuation obligations.
  • Use the motor vehicle purchaser’s data as an indicator of risk, to identify taxpayers that have purchased vehicles with values that are not commensurate with the income they have reported.
  • Identify cases for investigation of taxpayers of interest to determine if the use of interposed proxy ownership is used to conceal the real accumulation of wealth.
  • Identify and deal with taxpayers that have not met their obligations primarily with GST, FBT, Luxury Car Tax, Fuel Schemes and Income Tax.

If you would like to discuss this matter further, please contact our office.